Low Morale Causing Workers to Look Elsewhere
USA Today recently reported about an annual MetLife Study, which highlighted that low morale is putting your valued employees at risk. According to the study, employee loyalty is at a three-year low. Yet, many employers do not have their fingers are the pulse of this potentially harmful situation. According to the study, employers believe team members are just as loyal as they were several years ago.
Ronald Leopold, vice president of MetLife's U.S. business was quoted by USA Today as saying: "Businesses are understandably focused on expenses, but they're taking their eye off the ball with human capital issues, notably what drives employee satisfaction and loyalty." The MetLife study stated that approximately one in three employees hope to find a new job within the year period. This is spurred by the combination of low morale, heavy workload, and a recovering economy.
Losing valued employees and then having to replace them is an expensive proposition. When businesses factor in the cost of down-time, recruiting, and training associated with hiring new employees, it makes sense for employers to invest in executive coaching, management training, and workplace teambuilding that can build individual and team morale. The article concluded by stating that employees want to know that their boss and their organization care about their level of professional engagement, as well as them individually.